Aerodrome and Velodrome have combined into Aero, a decentralized spot exchange operating across seven blockchain networks. The protocol went live at 00:00 UTC on October 22, corresponding to 8:00 p.m. EDT on October 21. The launch brings together two exchanges previously centered on Base and OP Mainnet under one token and economic system, while expanding to Ethereum mainnet, Arbitrum, Arc, Ink and Robinhood Chain.

One protocol replaces two token systems

The migration is not automatic. Existing liquid AERO can be upgraded 1:1 into the new AERO, while each VELO converts into about 0.044 AERO. The project allocated 94.5% of the upgraded supply to the Aerodrome community and 5.5% to the Velodrome community, reflecting the protocols' share of combined revenue in the 52 weeks before the merger was announced. Locked veAERO and veVELO positions can move into sAERO, the staked form used to direct rewards and receive exchange revenue.

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Liquidity decisions become continuous

Aero's central economic change is Predictive Allocation, which replaces the predecessors' weekly voting cycle. Staked AERO holders can direct a pool's reward budget and receive a proportional share of the revenue generated while their allocation remains active. The system introduces a cooldown between allocation changes and caps rewards according to projected revenue. The stated goal is to respond faster to new markets and reduce token emissions flowing to pools that are no longer productive.

Cross-chain trading is part of the expansion

The protocol also launched Metaswaps, which are designed to combine bridging, routing and swapping in one transaction using Aero's onchain liquidity. Slipstream V3 adds dynamic fees that can increase during volatile conditions and can capture some maximal extractable value on supported layer-2 networks. Aero says liquidity on one network can fill orders originating elsewhere, although users still face smart-contract, bridge, routing and market risks when activity spans multiple chains.

Some migration steps remain staged

The launch did not activate every feature at once. Holders whose locked positions participated in the final Aerodrome or Velodrome voting round had to wait until 01:00 UTC before upgrading to sAERO. Autopilot, the automated allocation option, is scheduled to make its first allocation at 16:00 UTC on October 22. There is no announced deadline for converting legacy tokens, but the upgrade cannot be reversed. Centralized exchanges will also set their own migration procedures, so customers should follow the timetable published by the venue holding their assets rather than assume every balance changes simultaneously.

Legacy contracts remain, but incentives move

Aerodrome and Velodrome stopped their existing token emissions at launch, and the new AERO reward stream began. Their front ends remain available during the migration, but old gauges have been deactivated. Velodrome will continue supporting trading and liquidity deposits without its former token economy on Celo, Fraxtal, Soneium and Unichain. Users moving tokens or liquidity must follow the upgrade flow, verify contract addresses through official sources and keep enough ETH on the relevant network for transaction fees.

Execution now matters more than the launch claim

The merger gives Aero a broader footprint, but seven-network availability does not guarantee deep liquidity or uniform execution on every chain. Independent reporting confirmed the launch and the migration structure, while market-share and revenue figures in the announcement come from the project itself. The important tests will be whether liquidity consolidates as intended, whether cross-chain routes remain reliable under stress and whether the new allocation model directs rewards efficiently without creating new concentration or governance risks.

Sources

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